Overall there is strength in the AUD, CAD, NZD and GBP. Weakness in the CHF and JPY with minor weakness in the EUR.
Oil prices edged lower on Friday and were set for a second weekly fall, as the market shrugged off a warning that spare capacity may be stretched as OPEC and Russia increase production.
US inflation hit its highest rate in more than six years, with consumer prices eating away at modest wage gains by American workers and underscoring questions about how much they are benefiting from an economy that by many other measures is booming. Another very good reason for the Fed to raise rates and in turn the US dollar will strengthen.
USD/JPY is most overbought in over 18 months, according to the 14-day relative strength index (RSI). The currency pair has backed off from the six-month high of 102.77.
AUD/USD has shaken off bearish jitters from the overnight session, reclaiming the 0.7400 key level and trading into 0.7420 heading through Friday's Asia session.
EUR/USD continues its slow downward trend, therefore short positions below 1.1695 with target at 1.1605 is preferred. Alternatively, above 1.1685 look for further upside with 1.1760 as target.
On Data slate there’s German Wholesale Price Index; Switzerland Producer and Import Prices; UK MPC Member Cunliffe Speech; US Import and Export Indices; US Michigan Consumer Sentiment Index; US Fed Monetary Policy Report; US FOMC Member Bostic Speech and US Baker Hughes US Rig Count.
My Personal Trading Plan
SELL EUR/USD @ 1.1675 OR BETTER – STOP @ 1.1720 – TARGET @ 1.1605
SELL GBP/USD @ 1.3200 OR BETTER – STOP @ 1.3270 – TARGET @ 1.3110
BUY USD/JPY @ 112.35 OR BETTER – STOP @ 111.85 – TARGET @ 113.20
SELL CL0818 @ 70.50 OR BETTER – STOP @ 71.05 – TARGET @ 68.50
SELL AUD/USD @ 0.7430 OR BETTER – STOP @ 0.7480 – TARGET @ 0.7370
SELL XAU @ 1245 OR BETTER – STOP @ 1252 – TARGET @ 1236
SELL XAG @ 15.80 OR BETTER – STOP @ 16.40 – TARGET @ 15.10
THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.
Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
If You are New in Trading --> Read Trading Education Center / Volume I.
What You Know About --> Fibonacci Retracement in Trending Market.
